《Here's What Pops This Stock Bubble》
微软数据中心相关的表外租赁承诺是一项隐性负债，可能对其股价产生负面影响。
所有大型科技公司现在的支出总和已超过其收入总和。它们在人工智能上的支出超过了其全部现金流，这就是它们借贷的原因。
All the major tech companies are now spending more than they make combined. They're spending more on AI than their whole cash flow, which is why they're borrowing.
因为如果微软建造一个数据中心，那将是其财务报表上的巨额支出，其股价将会下跌。微软只是签署了一份合同，承诺在未来几年内租用它。而正是这一承诺，使得整个项目能够获得融资。
Because if Microsoft builds a data center, that's a huge expense on their financial statements and their stock will go down. Microsoft just signs a contract promising to rent it for the next several years.
And that promise is what makes this whole thing financable.